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Thursday, February 9, 2023

Social Security Benefits To Go Up By $140 A Month In 2023: Check How Much You May Be Getting This Year

The first week will mark the first increase in Social Security checks for millions of beneficiaries in 2023. There has been a record increase in the cost-of-living-adjustment with an 8.7% rise effective this year.

The Social Security benefits have risen by over $140 a month on average this year with the 8.7% rise in COLA kicking in. the move will benefit over 65 million Social Security recipients. They will see a rise in benefits right from January. More than 7 million Supplemental Security Income beneficiaries also received a bigger check on December 30.

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The income of the average retired person and those with disabilities and blindness will also go up by $146 this month. It was $1,681 in 2022 and will now rise to $1,827 in 2023. Further, the average disability benefits will also see an increase of $119 a month. It will increase from an average of $1,364 in 2022 to $1,483 this year.

The Projected Average Rise In Social Security Benefits This Year

The increase will vary for numerous categories of beneficiaries. While retired workers will see a rise from $1,681 to $1,827, for aged couples with both receiving benefits, the increase will be from $2,734 to $2,972.

Widowed mothers with two children will see their Social Security payments rise from $3,238 to $3,520. For senior widows or widowers receiving it alone, the rise has been from $1,567 to $1,704. For disabled workers, their spouses, and one or more children the rise in Social Security benefits has been from $2,407 to $2,616.

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All disabled workers will see their Social Security payments rise from $1,364 to $1,483. For beneficiaries of Supplemental Security Income or SSI, the standard increase in individual monthly checks is $73 a month. It will go up from $841 to $914.

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Notices from the Social Security Administration will go out in the coming months, including the monthly benefits from 2023. Beneficiaries can calculate the changes in Social Security payments on their own by simply multiplying their net benefits by 8.7%, which is the COLA adjustment for 2023.

Payment Date Of The Social Security Benefits In January And The Coming Months

For Americans, the date of their automatic Social Security payments is invariably linked to their birthday. And beneficiaries will get their pay accordingly. The exact date of the receiving date can be calculated by checking the date of birth. The Social Security Administration makes payments of the benefit checks on Wednesday of each week. So the payments will be linked to the date on which you were born.

Many people are set to receive a payment of $1,827 from the SSA. This automatic check can also come in through the US postal service. But this method of payment will be much longer than the direct transfer to bank accounts because of postal delays. Beneficiaries can check to see whether they will get to collect their monthly benefit checks in the coming few days.

On the second Wednesday of the week, which falls on January 11, 2023, beneficiaries born between the first and the tenth of the month will receive their Social Security benefits. For all beneficiaries who were born between the two dates, their January payment is due this week. Those born later will have their payments delayed to the next three weeks.

Social Security Payments: An Alternative When All Sources Dry Up

Social Security payments were one of the measures established by legislation to maintain individual or family income or provide an alternative source when some or all income sources are disrupted or terminated. It is also given when exceptionally large expenditures are incurred. This includes an abnormally high health care cost or for bringing up children.

Thus, Social Security payments have for years provided cash benefits to individuals and families who are faced with disability and sickness, crop failure, and unemployment. It is also given in cases of retirement from a job, maternity emergency, the loss of an earning marital partner, or for the expenses of the care of a young child.

The Social System was devised by the International Labor Organization. It used three major criteria that defined a social security system. First, the objective of the system was to grant curative and preventive forms of medical care. It is also to maintain continuance of income if there is an involuntary loss of earnings or even a significant part of the earnings.

The system also grants supplementary income to persons having family responsibilities. The second requirement of a social security system is that it should ideally be set up by legislation. It should attribute both obligations and rights to autonomous bodies to handle these tasks.

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And finally, the whole system should be under the administration of a public or an autonomous body, or a combination of both. The social security system has come as a response to large-scale industrialization. It started with compulsory insurance in the last two decades of the nineteenth century.

A modern system put families in a situation where they had to become dependent on one earner, mostly male. It was dependent on his capacity to procure work, to undertake and remain in it. Industrialization also led to people migrating toward work centers. This separated them from the support of a large family.

The Remaining Schedules Of The Social Security Payments

In the United States, only households headed by single parents are eligible for the Aid to Families with Dependent Children program. American also uses the social assistance approach to meet the medical care of low and moderate-income individuals and families. This is done through the Medicaid program.

From the next month, the Social Security payment schedule will be the same and beneficiaries will be paid on the 2nd, 3rd, and 4th of the month depending on the date of birth. Citizens who have not received their autannualSocial Security payment should go to the local office for their assistance benefits. But they first need to wait for three days before making the move.

The pandemic has posed multiple challenges to the US government. And the main challenge has been largely economic. And to solve the problems that arise from this situation, the government began giving out stimulus checks to low and moderate-income citizens. This immediate support was a supplement to the regular Social Security benefits.

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